Nirav Modi drops off Forbes Billionaires List; 18 Indian newcomers join the club

A year ago his net worth was pegged at USD 1.8 billion and he ranked 85th among India's wealthiest on Forbes's 2017 World's Billionaires list. Nirav Modi, the diamantaire-turned-fraudster extraordinaire, has now not only dropped off the grid, but also off the illustrious rich list with a net worth of less than USD 100 million. While as many as 121 people failed to make the cut in the latest Forbes rankings, Modi's fall from grace just might be the steepest.

Accused of being the mastermind behind the country's biggest bank fraud, the forty-something's profile on the Forbes website says "Modi reportedly left India in January; India's Central Bureau of Investigation is asking Interpol to help locate him".

Another name to exit the three-comma club under a cloud is South Africa's Christoffel Wiese, whose net worth has dropped from USD 5.6 billion last year to USD 600 million. "An accounting scandal ravaged Steinhoff International, a home-goods retailer that forms a major part of Wiese's expansive empire. Shares of Steinhoff, where Weise had a 21% stake, plunged by more than 80% since news of the scandal broke in early December," says Forbes. The announced irregularities eventually cost Wiese his job as chairman and he slashed his stake to 6% in February.

Among the 15 Americans who are no longer billionaires, U.S. Secretary of Commerce Wilbur Ross is possibly the most notable name. After discovering that the financier - who helped President Donald Trump avoid a personal bankruptcy back in 1990 - had been lying about his net worth, the magazine removed his name from the rankings for the first time in 13 years.  Ross' net worth is currently pegged at USD 700 million, down from USD 2.5 billion in 2017. Incidentally, one year after taking office, the US President's fortune is reportedly down an estimated USD 400 million to USD 3.1 billion on the latest list. While the markets are partly to blame - retail real estate in New York City continues to struggle and Trump's most famous building, Trump Tower, is estimated to have dropped USD 41 million in value - "the president's polarizing personality is costing him business as well".

The latest rankings show that the desi billionaire count has gone up. India is now home to 119 billionaires, 18 more than last year. The total net worth of this elite club is USD 440.1 billion, a rise of USD 114.6 billion. Newcomers on the list include Sheela Gautam and Madhu Kapur. The latter got her fortune from the 9.3% stake in Yes Bank that she inherited from her late husband, Ashok Kapur, who cofounded the bank with Rana Kapoor. Gautam is the founder of Sheela Foam, best known known for its Sleepwell brand of mattresses.

In all, Forbes found 259 new billionaires hailing from 35 countries - China added the most, boasting 89 newcomers, followed by the U.S. with 45 additions. "These new billionaires have amassed ten-digit fortunes in 18 different industries. Manufacturing leads the way, with 47 newcomers, followed by technology, with 29. The third most popular industry is finance and investments, with 24," says the magazine.

Globally, Forbes' 2018 list consists of 2,247 names with a combined net worth of over USD 9 trillion, up 18% since last year.